Sensex, Nifty rise; Bank Nifty sustains above 31K; Vodafone Idea, Corporation Bank, SpiceJet stocks gain
Stock Market News: On account of neutral DIIs, FIIs and F&O, the Indian stock market opened on the higher side in the Opening Bell. The BSE Sensex soared 100 points to 40,384 levels while the 50-stock Nifty added 20 points and scaled 11,904 levels. The bank Nifty index that had to test the psychological 31,000 levels yesterday managed to sustain above 31,000 after adding 96 points from its yesterday close.
Speaking on the current market scenario Prakash Pandey, MD & CEO at Plutus Advisors said, "The Indian markets are around 21 days exponential moving average that indicates profit-booking to further go deep. I am expecting the Nifty to go around 11,770-800 levels and once it touches that levels, it would be an ideal buy position for the stock market investors for the target of 12,100 and may 12,350."
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Corporation Bank share price skyrocketed 15.65 per cent in the Opening Bell trade session. Shares of Vodafone Idea, Delta Corp, Bharti Airtel, SpiceJet, HDFC AMC, Just Dial, Indiabulls Housing Finance and Andhra Bank were among the major gainers in the Opening Bell trade session while shares of SBI Life Insurance, Reliance Capital, Reliance Power, DHFL and Reliance Infrastructure were among the major losers in the intraday early morning trade.
Telecom stocks continue to led the bull run on Dalal Street as the BSE Telecom index surged 4.5 per cent in the Opening Bell trade session. Telecom major Vodafone Idea share price akyrocketed over 15 per cent, Bharti Airtel shares shot up 4.69 per cent, Bharti Infratel stocks scaled 4.9 per cent, GTL Infrastructure stock price went up 2.5 per cent while Tejas Networks soared over 11 per cent.
Among the major Asian markets, the Japanese Nikkei 225 index shed 0.41 per cent, Kospi shed 0.42 per cent, Hang Seng soared 0.92 per cent while the Shanghai index went up 0.46 per cent in the Opening Bell trade session.